What's the news?
Joe Duffy, the Dublin-based dealer group which includes such marques as BMW, Ford, Audi, Land Rover, Kia, and Porsche in its portfolio, has announced an increase in profits for the end of the 2016 financial year.
Profits before tax were up by 13 per cent to €8.41-million, from a turnover of €281-million, which represents a 17 per cent increase in business. Employment within the group has also risen by ten per cent to a total of 371 staff shared amongst the various dealerships.
Commenting on the results, Gavin Hydes, Group Chief Executive, said: "2016 has been another outstanding year of growth for the Group. The strength of our balance sheet, robust nature of our business model and the quality of our management team, provides us with the flexibility to take advantage of opportunities which will present themselves, with the continued consolidation taking place within the market.
"We are set to continue our growth strategy with a €25m capital investment programme in new facilities planned over the next three years. The Joe Duffy Group has continued our strategy of developing the Group, both organically and through selective acquisition. In November 2016 we completed our Jaguar Land Rover facility in Airside, Swords and in December 2016 we completed the development of our new facility for Volvo and Kia, together with a complete revamp of our Commons Road, Navan VW dealership, with the introduction of the VW Retail Concept (VRC) - its new corporate identity standards. These investments further demonstrate our commitment to providing our customers with industry leading retail environments that showcase the latest products and technology".
Regarding future outlook, he commented that: "Despite the fall in the new car market, we are confident that our robust business model will deliver another strong performance for 2017. We will continue with our significant investment strategy to provide our customers, manufacturer partners and team members with State of the Art facilities and investing heavily in the digital arena.
The financial performance is a testament to the quality of our people, without whom we would not have been able to deliver this profitable growth. We continue to invest in the development and training of our people. Their commitment, dedication and excellence continue to be a key differentiator for our business."